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The Merger of the TSX Group and the Montreal Exchange
Michael R. KingCase IVEY-9B14N037-EFinanceIn mid-October 2007, the chief executive officer (CEO) of the TSX Group was contemplating his strategic options. In March 2009, a decade-long non-compete agreement between the TSX Group and the Montréal Exchange would expire. Under this agreement, the former had been the sole exchange for trading senior equities in Canada while the latter had the monopoly on exchange-traded derivative contracts. Afterwards, both exchanges would be able to compete...Starting at €8.20
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Transferring Traditional Banking Skills to the Brave New World
Michael R. KingArticle IVEY-9B19TB03-EService and Operations ManagementCanada’s fintech ecosystem may be dominated by young entrepreneurs, but they haven’t disrupted the value of old-school industry experienceStarting at €8.20
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Canadian Pacific Ltd: Unlocking Shareholder Value in a Conglomerate
Michael R. King; Michael ZawalskyCase IVEY-9B14N017-EFinanceIn January 2001, the chief executive officer (CEO) of Canadian Pacific Limited (CPL) was contemplating the future of his firm. CPL was one of Canada’s oldest conglomerates with operations in railways, shipping, natural resources and hotels. Its stock market capitalization of CDN$13.5 billion reflected a conglomerate discount, estimated at 12 to 35 per cent of the value. In order to eliminate this conglomerate discount and maximize shareholder val...Starting at €8.20
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Raven Indigenous Capital Partners: Designing An Impact Investing Measurement Framework
Michael R. King; Basma Majerbi; Crystal TremblayCase IVEY-W25239-EAccounting and ControlIn February 2020, a social geographer at the University of Victoria was approached by one of the co-founders and managing partners of Raven Indigenous Capital Partners to develop an Indigenous impact measurement framework for the company. Raven Indigenous Capital Partners was founded in 2017 in Vancouver, British Columbia. The founders launched the Raven Indigenous Impact Fund to invest in early-stage growth businesses started by Indigenous entre...Starting at €8.20
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Facebook, Inc.: The Initial Public Offering (A)
Deborah Compeau; Craig Dunbar; Michael R. King; Ken MarkCase IVEY-9B12N031-EFinanceIt was May 16, 2012, and the highly anticipated pricing of Facebook Inc.’s initial public offering (IPO) was underway. An analyst at CXTechnology Fund was preparing to speak to the lead underwriter about his final interest in the deal. The analyst had reviewed Facebook’s phenomenal growth, its profitable business model and the competitive landscape for the social networking industry. The IPO appeared to be oversubscribed with heavy interest from ...Starting at €8.20
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Was Insider Trading Ahead of Takeovers a Problem
Stephen R. Foerster; Michael R. King; Fatma SonmezCase IVEY-9B12N021-EFinanceOn January 6, 2010, Stanko Grmovsek was sentenced to three years and three months in prison for making profits of an estimated US$9 million over 14 years based on insider tips from his best friend from law school, Gil Cornblum. Grmovsek and Cornblum had operated an illegal insider trading scheme from 1994 until 2008. Using his role as a corporate lawyer at various law firms, Cornblum had passed material non-public information related to 46 takeov...Starting at €8.20
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R3 Corda: A Distributed Ledger Technology for Financial Services
Michael R. KingCase IVEY-9B18M141-EEntrepreneurship, StrategyIn December 2016, the founder and chief executive officer of R3 was preparing for an offsite meeting, where his management team would debate what business model to pursue to extract the most value from the company’s new distributed ledger product called CStarting at €8.20
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Elixir: A Fintech Banking Solution for Millennials
Michael R. KingCase IVEY-9B18N017-EEntrepreneurship, FinanceIn 2016, Elixir, a financial technology start-up, was developing a social banking application to provide mobile banking to young adults and other underserved banking customers. Elixir had a social finance business model called MillennialMoney, where existing customers had an opportunity to earn referral fees by introducing new customers. For the banks, Elixir provided a novel marketing solution to attract millennial customers. As a technology com...Starting at €8.20
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Spin Master Toys: Going Public-the IPO Process
Eric Morse; Michael R. King; Ryan Quirt; Ramasastry ChandrasekharCase IVEY-9B16N052-EEntrepreneurship, FinanceSpin Master, a children’s toy and entertainment company, was getting ready for an initial public offering (IPO). Its founders were weighing their options with regard to some core issues: What was the right positioning for Spin Master with potential investors? What was the right approach to valuing the business? How did that approach translate into enterprise value, equity value, and share price for the IPO?Starting at €8.20
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Stock Manipulation by China's Pangang Group
Xin Chen; Michael R. KingCase IVEY-9B16N007-EFinance, StrategyIn April 2011, a university professor of accounting and finance was examining the financial statements of Pangang Group Steel Vanadium & Titanium Company (Pangang), a leading Chinese steel manufacturer listed on the Shenzhen Stock Exchange. Pangang had a dramatic turnaround in its reported net income in 2010 with its share price rising over 60 per cent in a six-month period. The professor suspected that the controlling shareholder of Pangang — An...Starting at €8.20